Guidelines for the Reporting of Diamond Exploration Results

Final Reporting Guidelines

 

The following guidelines have been recommended by the Diamond Exploration Best Practices Committee established by the Canadian Institute of Mining, Metallurgy and Petroleum. These guidelines are applicable to public companies and their consultants reporting diamond exploration results.

In respect of these guidelines, Diamond Exploration Results are results derived from the initial activities undertaken to investigate a diamond bearing prospect or deposit, to generate tonnage, grade and value estimates that cannot be classified as a Mineral Resource or Mineral Reserve. They do not address the earlier stage reporting of geophysical, geochemical or kimberlite indicator mineral results.

Public reports of Diamond Exploration Results relating to mineralization not classified as Mineral Resource or Mineral Reserve must address the confidence limits of the result and contain sufficient information to allow a considered and balanced judgement of the significance of the results.

The objective of these guidelines is to assist public companies and consultants in making appropriate disclosure of diamond exploration results by reporting in a manner which is:

Uniform within the diamond exploration industry;

Consistent with reporting from other industry sectors.

Comprehensive.

Unambiguous.

The guidelines are not prescriptive. Materiality is the overriding principle that determines the information that should be disclosed. However, where a company or consultant deviates from the guidelines, the disclosure or technical report should state the extent to which the guidelines have not been followed, and the reasons for the deviation.

The guidelines do not in any way replace jurisdictional reporting requirements (For example, the requirement for Canadian reporting issuers to comply with Canadian Securities Administrators National Instrument 43-101 by having technical disclosure endorsed by a Qualified Person as defined in that legislation).

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